CDL puts in top bid for Champions Way GLS site at $904 psf ppr

The Champions Way site, which can yield 350 units, drew six bids.

City Developments Limited (CDL) submitted the top bid of $294.889 million, which reflects a land rate of $904 psf per plot ratio (psf ppr).

CDL’s bid is 8.3% higher than the second-highest bid from TID (the Hong Leong Group-Mitsui Fudosan joint venture) at $272.26 million or $835 psf ppr.

The Champions Way site is the first GLS tender in Woodlands excluding executive condominiums since 2011, when a plot at Woodlands Avenue 2 and Rosewood Drive was sold for $367 psf per plot ratio (psf ppr) and developed into the 689-unit Parc Rosewood.

Replenish Landbank

CDL says the site will replenish its landbank, ensuring a stable launch pipeline. “It has been over a decade since a private residential project was launched in Woodlands, so this is a rare opportunity to create a vibrant and sustainable icon alongside the government’s rejuvenation plans,” remarks Sherman Kwek, CDL group CEO.

This is a rare opportunity to create a vibrant and sustainable icon alongside the government’s rejuvenation plans.

Sherman Kwek CDL group CEO.

Leonard Tay, head of research at Knight Frank Singapore, believes the selling price for the future project at the site could start from “just under $2,000 psf”.

PropNex’s Wong shares a similar view, estimating the future average selling price at above $1,900 psf. “This project would set a new benchmark price for new launches in the Woodlands planning area,” she says.

-Published by Edgeprop